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TIME SHARING AGREEMENT

Aircraft Lease Agreement

TIME SHARING AGREEMENT | Document Parties: HYATT HOTELS CORP | ROSEMONT PROJECT MANAGEMENT, LLC You are currently viewing:
This Aircraft Lease Agreement involves

HYATT HOTELS CORP | ROSEMONT PROJECT MANAGEMENT, LLC

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Title: TIME SHARING AGREEMENT
Date: 8/5/2009

TIME SHARING AGREEMENT, Parties: hyatt hotels corp , rosemont project management  llc
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Exhibit 10.29

TIME SHARING AGREEMENT

This Time Sharing Agreement (this “Agreement”) is made and entered into as of January 1, 2008 among ROSEMONT PROJECT MANAGEMENT, L.L.C., a Delaware limited liability company (the “Owner”) and Thomas J. Pritzker (the “Lessee”).

W I T N E S S E T H :

WHEREAS, Owner is the registered owner of that certain Daussault-Breguet Falcon 900EX aircraft bearing the United States Registration Number N312P (the “Aircraft”);

WHEREAS, Owner contracts to provide a fully qualified flight crew to operate the Aircraft (the “Flight Crew”); and

WHEREAS, from time to time, Lessee desires to lease the Aircraft and the Flight Crew from Owner on a time sharing basis as defined in Section 91.501(c)(1) of the Federal Aviation Regulations (the “FAR”).

NOW THEREFORE, Owner and Lessee, declaring their intention to enter into and be bound by this Agreement, and for the good and valuable consideration set forth below, hereby covenant and agree as follows:

1. Term; Lease . This Agreement shall become effective as of January 1, 2008 (the “Effective Date”) and shall continue in effect until Owner delivers to Lessee at least 45 days prior written notice of termination of this Agreement. Lessee may terminate its participation in this Agreement by delivering written notice to the Owner at least 45 days prior to the effective date of such termination. From and after the Effective Date until the termination of this Agreement, Owner hereby agrees to lease the Aircraft to Lessee pursuant to the provisions of Section 91.501(c)(1) of the FAR and to provide the services of the Flight Crew for all operations.

2. Scheduling . Lessee shall provide Owner with requests for flights and proposed flight schedules as far in advance of any given flight as possible, and in any case, at least (a) 24 hours in advance of Lessee’s planned departure, with respect to flights within the continental United States, and (b) three (3) days in advance of Lessee’s planned departure, with respect to all other flights, provided that Owner may waiver the required notice provisions in its sole discretion. Requests for flight time shall be in a written form that shall be provided to Lessee by Owner, and shall include:

 

 

(a)

proposed departure point;

 

 

(b)

destination;

 

 

(c)

date and time of flight;

 

 

(d)

the number of anticipated passengers;

 

 

(e)

the names of the anticipated passengers;


 

(f)

the nature and extent of luggage and/or cargo to be carried; and

 

 

(g)

the date and time of a return flight, if any.

In addition, Lessee shall provide any other information concerning the proposed flight that may be pertinent or required by Owner or the Flight Crew. Owner shall have final authority over the scheduling of the Aircraft; provided, however, that Owner shall use its best efforts to accommodate Lessee’s needs and to avoid conflicts in scheduling. The pilot in command shall have final and complete authority to cancel any flight for any reason or condition that, in his or her judgment, would compromise the safety of the flight.

3. Flight Fee . For each flight provided for Lessee under this Agreement, Lessee shall pay Owner an amount (the “Flight Fee”) equal to (i) for up to thirty-three hours of the Lessee’s annual use under this Agreement, the Standard Industry Fare Level cents-per-mile rate applicable for the period during which the flight was taken multiplied by the flight miles during the applicable Flight Time and (ii) for any flight or portion of a flight not covered in (i) above, an amount equal to the lesser of (x) product of the applicable Flight Time multiplied by the “Direct Cost Rate” published annually by Conklin & de Decker (or any comparable publication if Conklin & de Decker is no longer available or no longer appropriate to use for this purpose) for operating a Daussault-Breguet Falcon 900EX aircraft or (y) two times the fuel costs to operate the flight, but in no event shall the amount paid exceed the actual expenses incurred for the flight, determined as authorized by FAR Part 91.501(d)(1)-(10) as the sum of the following costs and expenses:

 

 

(a)

fuel, oil, lubricants and other additives;

 

 

(b)

travel expenses of the Flight Crew, including food, lodging and ground transportation;

 

 

(c)

hangar and tie down costs away from the Aircraft’s base of operation;

 

 

(d)

insurance obtained for the specific flight;

 

 

(e)

landing fees, airport taxes and similar assessments;

 

 

(f)

customs, foreign permits, and similar fees directly related to the flight;

 

 

(g)

in-flight food and beverages;

 

 

(h)

passenger ground transportation;

 

 

(i)

flight planning and weather contract services; and

 

 

(j)

an additional charge equal to 100 percent of the fuel, oil, lubricants and other additives expense listed in item (a) above.

 

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The Direct Cost Rate shall be determined as provided herein at the beginning of each calendar year based on the information available at that time, and shall apply to all flights provided for Lessee under this Agreement for that calendar year.

For purposes of this Agreement, the


 
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